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Amgen’s Q4 Earnings Report Confirms Increase in Revenues – $AMGN $DIA

By John F. Heerdink, Jr.

Reportedly, Amgen (AMGN) released Q4 revenue reporting a 3% increase driven by the sales of a COVID-19 antibody treatment it has partnered with Eli Lilly and Co. (LLY). However, sales its of own legacy drugs dropped 1%, amid pricing pressure from lower-cost competition.

The Dow 30 component reported $4.36 per share, exceeding the average analyst forecast of $4.08. Revenue for the quarter came in at $6.85 billion, close to analyst expectations of $6.87 billion. Sales volume for the quarter increased 7% but was outweighed by lower inventory levels and lower net selling prices as competition from cheaper generics and biosimilars lowered prices for its migraine, arthritis, and cholesterol-lowering drugs.

Amgen informed that sales of its osteoporosis drug Prolia increased 17% from a year earlier to $873 million for the quarter, but sales of arthritis drug Enbrel dropped 13% to $1.11 billion. Quarterly sales of newer cancer drug Lumakras reported $45 million, which was short of analyst estimates of $58 million.

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Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: UPDATE 1-Amgen quarterly revenue rises; sales fall 1% on pricing pressure in Reuters)


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